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Strategies & Market Trends : Don't Drink the Kool-Aid Kids
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To: AugustWest who wrote (834)9/9/2001 11:25:40 PM
From: John Pitera   of 1063
 
I agree...not too sure they ever did stop loving the semi's. Homebuilders and retailers getting understandingly beaten up on Friday

15:30 ET Dow -227, Nasdaq -14, S&P -18.58: [BRIEFING.COM] There are two notable groups experiencing sell pressure today in the wake of the weaker than expected August Employment Report. Both homebuilders and retailers are on the defensive as they are very closely tied to a healthy consumer. While we've heard lots of talk regarding the "reverse wealth effect", only about 20% of consumers substantially rely on a strong market. The other 80% look to the value of their home and gainful employment to bolster their confidence as a consumer. With the August unemployment rate rising 0.4% to 4.9%, investors are concerned that consumer confidence could plunge. If consumer sentiment does tail off, both homebuilders and retailers will disproportionately feel its effect which helps to explain today's sell pressure on the two groups
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